Green Ink: Ready to Lead, But Not This Week

By

Keith Johnson

Apr 28, 2009 8:13 am ET

Crude oil futures fell below $49 a barrel due to fears that the swine flu outbreak could kick an economy that’s already down, Bloomberg reports. The fear, more than the disease itself, could indeed whack plenty of economic sectors, notes the WSJ.

BP’s first-quarter profit falls 56% due to lower oil prices. Get used to it: “We need rapidly to bring our costs to a level that is compatible with a $50 [a barrel] world,” says BP boss Tony Hayward, in the WSJ. Oil below $50 is crimping deepwater oil exploration, experts say—expect five fallow years for exploration and production if prices don’t rebound soon, in Bloomberg.

Secretary of state Hillary Clinton calls for developing countries to play ball on emissions reduction, but feels their pain and supports economic growth. The big message at the G-20 of climate fests: “The United States is fully engaged and determined to lead and make up for lost time both at home and abroad,” Ms. Clinton said, in the NYT and AP.

Just don’t tell Congress. The House delayed markup of the big Waxman-Markey energy and climate bill while Democratic leadership tries to herd cats win support from moderate Democrats, in the WSJ. So what’s the best tack—tweak the legislation or overhaul it entirely?, in the National Journal.